DecaMillionaire Decoded When Should a Business Owner Start Social Security?
In episode 158 of Financially Simple, Justin takes a look at when you should start claiming on your Social Security.
As retirement approaches, you might feel like claiming on your Social Security early or even take early retirement; or you might decide to keep working at your business and make the most of your Social Security once you do reach retirement age. Justin goes over some considerations you should have before deciding one way or the other.
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ARTICLE TRANSCRIPT: BLOG: Minimizing Negative Tax Implications When Selling a Business
TIME INDEX:
01:08 - When Should a Business Owner Start Social Security?
02:23 - The Three Ages of Social Security
02:33 - Full Retirement Age
03:48 - Early vs. Delayed Benefit
06:09 - Taxation of Early Benefit
08:09 - Claiming on Your Spouse’s Early
10:03 - The Key Thing to Consider
12:09 - What is the Latest You Can Take it?
13:01 - Why is it Such a Big Deal?
14:23 - A Case Study for the Analytically-Minded
18:24 - So When Should You Start Collecting Social Security?
19:29 - When Should you Take Social Security at 70?
20:41 - Wrap Up
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USEFUL LINKS:
Financially Simple on Facebook
Determining Your Eligibility and Estimated Benefits
Income Taxes and Your Social Security Benefit
Best Age for Social Security Retirement Benefits
Should You Take Social Security at 62?
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BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
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The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
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